How To Make Passive Income Starting With No Money. Learn how you can start creating multiple streams of passive income without having any money to invest.
How To Stop Living Paycheck To Paycheck
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Most of us know we need to start building passive income. The problem is that usually when we hear about passive income it’s in the form of “I saved 50k and then invested in my first real estate rental property”. While that’s a great goal and something to strive for, some of us only have $5 in our account and saving $50k could take a LONG time.
Here’s the thing. While you do have to make some type of investment, you actually don’t always have to invest money in to create passive income. You can also invest your time to start building passive income. While this won’t be easy by any means– will require a lot of hard work, sacrifice, and getting uncomfortable, below are 7 ways in which you can begin building passive income with starting with nothing
7 PASSIVE INCOME IDEAS WHEN STARTING WITH NO MONEY
ONE: Rent Room/Couch
Though most people think of this as simply a way of cutting the budget, this is in essence, a stream of passive income much like having a rental property. Consider this home arbitrage. This essentially isn’t any different from purchasing a rental property and renting it out. You are essentially renting out a space you already own/occupy. If you have an extra room in your home or apartment consider converting it into a “rental” and collect some extra income each month. If you don’t have an extra room then consider sharing a room or renting out the couch. While this may be a little inconvenient, a year of doing this can make a big difference. If you can get 400/mo renting a room/couch that can be upwards of 5k a month. In some cities like LA you can get well over 1k a month for renting a month.
TWO: Create Course/ Product of Knowledge
One of the greatest way of creating passive income is by utilizing your knowledge/experience to create a course of a product that will be of service for others. Determine a skill or topic that you have some knowledge in- can by ANYTHING. Create a course a product that others will utilize to help them out in their journey– could be natural remedies for a skin condition, repairing hair, how to make more money, vegan lifestyle, workouts, etc. Once you put the initial time in from creating this course/product then you can continue to make money off of it every time it sells and you don’t have to keep recreating it!! If you don’t feel like you’re an expert don’t worry. You can either be an expert, have an experience you overcame, or simply be a reporter of knowledge (by creating a one stop shop for everything someone needs to know about a certain topic).
THREE: Start Service Based Business
A great way to begin collecting immediate passive income is to create a service based business. Be careful though this can turn into another full time job– what you want to do is create the company, spreading the name, and the service you are going to provide. You then want to find people who are willing to actually provide the service and work for you. From there you find a way of getting clients. Let’s say you create an apartment/house cleaning service– find some people willing to clean the apartments, see how much they should be paid and then tack on your fee and that’s how much you charge.
FOUR: Create A Blog
This is a common one, but it’s true. If you have something you have some knowledge in, or wouldn’t mind researching and writing about, a blog is a great long term strategy for generating passive income.
FIVE: Start A YouTube Channel
Much like a blog, creating a youtube channel is a great long term strategy for generating passive income. Once you make the video you can forever make money off of it– this is definitely a mix of passive and active income as there is a bit of work that goes into a channel.
SIX: Write An eBook.
Create a short book, knowledge book, or anything you want to write about and begin getting them on different sites like amazon books. Overtime you will begin to sell books and continue to collect money on something you already created. Put the effort in up front (writing it) and then continue to get paid for it.
SEVEN: Affiliate Marketing
If you don’t like the idea of creating products or are interested in the previous mentioned (or you want to add another source) affiliate marketing is a great option. Get paid to help sell other peoples’ content, products, etc. This is great for someone who has a bit of an audience online or someone willing to get out there and begin engaging in online communities.